NO MAGIC CURE

Poverty Bay Herald, Volume LIX, Issue 17958, 9 December 1932, Page 5

NO MAGIC CURE

DOMINION’S PROBLEMS

FINANCE MINISTER’S VIEW

POSITION OF OVERSEAS DEBT

(Parliamentary Reporter.) WELLINGTON, this day

Members of the Opposition went on a fishing expedition in the House this morning. They failed to extract any concrete information from the Hon. W. Downie Stewart concerning the possibilities of easing New Zealand’s external debt service.

Speaking at M a.m., the Minister said one of the questions he examined in London related io the extension of New Zealand’s participation in the Hoover debt moratorium, and, as the Budget showed, that had been granted. What had astonished him though, when li(' made a simple inquiry as to how the concession could be made when it was not then known that Great Britain would herself be granted an extension of the respite, was the reply of those in authority.

“They merely smiled,” added the Minister, “and said, ‘Wo will look after ourselves; don’t you bother about us.’” '

The Minister pointed out that the British Government could assist New Zealand only in relation to the funded war debt. * Its relief could not extend to the debt privately held.

A member: If Britain does not get a concession from America, will New Zealand still take its respite? “I think we will have to wait and see how England gets on in the long run,” replied the Minister. Mr W. E. Parry (Lab., Auckland Central): What means do you suggest to get over our internal difficulties? THE FOUR-YEAR PLAN The Minister: I don’t want to open up that question to-night. I don’t know of any sudden or miraculous cure, and I think the Opposition members arc disappointed that I did not bring back some magic Christmas box from London. I have brought' no magic cure with me.

Mr J. A. Lee (Lab., Grey Lynn): There is only one cure for hunger. Another Labor member: What has happened to the four-year plan? The Minister: It is still working. Mr P. Fraser (Lab., Wellington Central): Are the'blue prints of it lost ? Mr Stewart‘said he had been impressed in his consultations in London with the fact that the most important and famous men wore the least cocksure as to how quickly any remedy would work.